Crude oil prices rise to around $60/bl
London: Oil prices moved up to around $60 per barrel in London deals on Wednesday after OPEC producer, Abu Dhabi, followed Saudi Arabia in enforcing output cuts.

Nymex light crude was trading 10 cents higher at $59.45 per barrel after gaining 54 cents on Tuesday, London Brent was 20 cents higher at $60.06 per barrel.

New York's main contract, light sweet crude for December delivery, was up 22 cents at $59.57 a barrel from $59.35 in US trade yesterday. London's brent north sea crude for December delivery rose 24 cents to $60.10.
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India to import LPG
Jamnagar: After a major fire destroyed one of the oil processing facilities at Reliance Industries' refinery in Jamnagar, a major supplier of LPG in the country, the government has asked state-owned Indian Oil Corp (IOC) to tie-up import of about 1,00,000 tonnes of liquefied petroleum gas (LPG) to meet any shortfall arising from the fire at a secondary processing unit (VGO Hydrotreater-II), in which one employee suffered 60 per cent burns.

Petroleum secretary ML Srinivasan said there could be a LPG shortfall and the country had 19-20 days of LPG stocks and all exigencies had been accounted for.
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Edible oil duty cut extended to Dec 31
New Delhi: The government has decided to extend a customs duty cut on palm oil by two months. The decision was taken to curtail inflation but it is too early to assess its impact on imports, traders said on Wednesday.

In August India cut import duties on crude palm oil and palmolein to 70 per cent from 80 per cent, while those on RBD palm oil and palmolein were reduced to 80 per cent from 90 per cent to check a rise in prices of essential items.

The cuts in duty were effective until Oct 31.

Traders said there has been no impact at all and prices of soyoil are still high.

At 0915 GMT, soyoil for November delivery on the Multi Commodity Exchange was at 424.35 per 10 kg, marginally up by Rs3.10.
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West Bengal: Corporates get IT union shock
Kolkata: CITU's decision to float the first IT employees' organisation in West Bengal has given the shivers to India Inc. Corporates have been shocked by the CPM labour wing's open defiance of state chief minister Buddhadeb Bhattacharjee's resolve to insulate the state's IT/ITeS sector from unionisation, strikes and bandhs.

This comes at a time when the chief minister is going all to resurrect Kolkata's fortunes by inviting the likes of Wipro, Infosys, TCS, ITC Infotech and Cognizant to the state.
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